marketing

2017-01-27

GST Rate

Current GST Rates The current GST rate in Singapore is 8%. GST-registered businesses are required to charge and account for GST at 8% on all sales of goods and services in Singapore unless the sale can be zero-rated or exempted under the GST law. Historical GST Rates GST was introduced in Singapore on 1 Apr 1994. Year GST Rate 1 Apr 1994 to 31 Dec 2002 3% 1 Jan 2003 to 31 Dec 2003 4% 1 Jan 2004 to 30 Jun 2007 5% 1 Jul 2007 to 31 Dec 2022 7% 1 Jan 2023 to 31 Dec 2023 8% 1 […]
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2017-02-15
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EP Renewal

EP Renewal EP (Employment Pass) is a work pass issued by the Singapore government to attract more foreign professional and technical talents for new employment. It is also the highest-level work pass issued by Singapore’s Ministry of Manpower. After issuance, applicants have no entry and exit restrictions during their stay, and the permits can be renewed after they have expired, as long as the applicant is still employed. When to renew You can apply for renewal up to six months before the EP expires. You must apply before the expiry date. For Employment Pass EP (sponsorship): You can start applying […]
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2017-04-28

Why Prepare Financial Statements

Why Prepare Financial Statements? Financial statements are required because: 1. This is a legal requirement in Singapore. Section S201 of the Singapore Companies Act requires the directors of a company to prepare financial statements that comply with the “Singapore Accounting Standards”. 2. The Inland Revenue Authority of Singapore requires companies registered in Singapore to prepare financial statements and tax computations for filing corporation tax annually. In recent years, if your company is eligible to file Form C-S, you are not required to file your financial statements with the Inland Revenue Authority of Singapore (IRAS). However, the IRAS has made it […]
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2017-08-10

Application Process

EP Application Process After overseas companies set up wholly-owned subsidiaries or joint ventures in Singapore, most will consider sending employees to work in Singapore, so naturally they would want information about applying for work visas for company executives. FOZL will share the relevant information with you today!   The Singapore Employment Pass (EP) is a work pass provided by the Ministry of Manpower to foreign professionals (in management, supervisor or professional positions). According to the relevant regulations of the Ministry of Manpower of Singapore, from December 1, 2020, the application conditions of the Employment Pass (EP) have undergone new changes, […]
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2017-12-08
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AGM

Annual General Meeting The Singapore Companies Act requires companies to hold an annual general meeting (AGM) unless the company elects not to hold an AGM by passing a shareholders’ resolution. If the company chooses not to hold an AGM, all matters to be transacted at the AGM can be resolved by way of a written resolution. What is an AGM The Annual General Meeting of Shareholders is a meeting of shareholders held at specified intervals during each calendar year. This meeting gives the company’s shareholders the right to participate in certain decisions that require the company’s approval. One of the […]
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2017-12-12
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Dependant Pass

Dependant Pass DP, or Dependant’s Pass in full, is equivalent to the Chinese family pass. Those who work or do business in Singapore and hold EP, SP or Entrepass can apply for a family pass for their spouse and children under the age of 21. Children with family passes can directly enter the Singapore government primary and secondary schools.   What are the application requirements? To be eligible, you need: An income of at least S $ 6,000 per month. To hold an employment pass. These are the family members you can bring in and the types of passes they […]
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2018-01-03
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Audit Exemption

Audit Exemption The following companies are exempted from financial statement audits if they meet the specific requirements of the Singapore Companies Act. However, they are still required to prepare financial statements (and consolidated financial statements, if applicable) that comply with the Companies Act and IFRS. In order to reduce the institutional burden on small companies and to move towards a risk-based regime, the concept of small companies and their exemption from audit requirements were introduced in amendments to the Companies Act. The new audit exemption regime applies to Singapore companies incorporated after 1 July 2015 or with a financial year […]
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2018-01-08

Accounting Software

Accounting Software The Singaporean government encourages enterprises to adopt digital technology to increase productivity. In accordance with Singapore’s accounting standards and tax calculation and reporting requirements, the Inland Revenue Authority of Singapore provides the public with a list of registered accounting software to facilitate the market in selecting accounting software that is suitable and meets tax compliance requirements.   List of 57 accounting software registered in Singapore Tax (provided by the IRAS)   Software name A2000 Solutions A2000ERP Software Version 12.X* AccPro Accounting Systems Pte Ltd Professional Version 10.0 ACMEFOCUS.NE WHIZIT ACCOUNTS ORGANIZER Asian Business for Windows Release for SG […]
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2018-01-23
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Role of Trademarks

Role of Trade Marks For many entrepreneurs, intellectual property may be an unfamiliar legal concept, and you may ask yourself why any small and medium-sized enterprises (SMEs) should pay attention to intellectual property issues? Or what benefits your SME can gain using the intellectual property system? Next, we will introduce Singapore’s intellectual property law. Together with human creativity and originality, intellectual property rights have always been around us. Every product or service we use in our daily lives is the result of a long list of innovations, large or small, such as changes in design, or improvements in product appearance […]
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